UDR, Inc.

UDR 10-K · FY 2025
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UDR FY 2025 request

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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Operating Lease Lease Income 1,700,956 1,663,525 +2.3%
Show Business Segments breakouts
Non Mature communities Other [Member] 90,251 89,996 +0.3%
Same Communities [Member] · Same Store Communities Mid-Atlantic Region [Member] 324,698 312,905 +3.8%
Same Communities [Member] · Same Store Communities Northeast Region [Member] 334,117 322,685 +3.5%
Same Communities [Member] · Same Store Communities Southeastern Region [Member] 233,537 233,298 +0.1%
Same Communities [Member] · Same Store Communities Southwestern Region [Member] 208,007 209,157 -0.5%
Same Communities [Member] · Same Store Communities Western Region [Member] 510,346 495,484 +3.0%
Show Subsegments breakouts
Total Communities 1,700,956 1,663,525 +2.3%
Revenue 11,361 8,317 +36.6%
Show Product Lines breakouts
Management Service 11.4 8.3 +37.3%
Revenue 1,712,317 1,671,842 +2.4%
Show Equity Method Investment Nonconsolidated Investee breakouts
Debt and Preferred Equity Program and Other Investments 178,221 131,876 +35.1%
UDR/LaSalle 51,870 49,063 +5.7%
UDR/MetLife 146,406 141,014 +3.8%
Unconsolidated Joint Ventures and Partnerships 376,497 321,953 +16.9%
Direct Costs Of Leased And Rented Property Or Equipment 304,971 292,572 +4.2%
Show Equity Method Investment Nonconsolidated Investee breakouts
Debt and Preferred Equity Program and Other Investments 92,172 69,737 +32.2%
UDR/LaSalle 18,566 17,657 +5.1%
UDR/MetLife 61,914 64,329 -3.8%
Unconsolidated Joint Ventures and Partnerships 172,652 151,723 +13.8%
Real Estate Taxes And Insurance 233,817 232,130 +0.7%
Property Management Costs Operating 55,281 54,065 +2.2%
Other Cost And Expense Operating 30,734 30,416 +1.0%
Depreciation Nonproduction 654,121 676,068 -3.2%
Show Equity Method Investment Nonconsolidated Investee breakouts
Debt and Preferred Equity Program and Other Investments 69,530 51,633 +34.7%
UDR/LaSalle 38,744 45,375 -14.6%
UDR/MetLife 53,340 53,543 -0.4%
Unconsolidated Joint Ventures and Partnerships 161,614 150,551 +7.3%
General & Administrative 85,104 84,305 +0.9%
Casualty Related Recoveries Charges Net 11,682 15,179 -23.0%
Other Depreciation And Amortization 25,914 19,405 +33.5%
Total Costs & Expenses 1,401,624 1,404,140 -0.2%
Gains Losses On Sales Of Investment Real Estate 242,913 16,867 +1340.2%
Operating Income 553,606 284,569 +94.5%
Show Equity Method Investment Nonconsolidated Investee breakouts
Debt and Preferred Equity Program and Other Investments 16,519 10,506 +57.2%
UDR/LaSalle -5,440 -13,969 +61.1%
UDR/MetLife 31,152 23,142 +34.6%
Unconsolidated Joint Ventures and Partnerships 42,231 19,679 +114.6%
Income Loss From Equity Method Investments 28,388 20,235 +40.3%
Interest Expense Debt -196,619 -195,712 -0.5%
Show Equity Method Investment Nonconsolidated Investee breakouts
Debt and Preferred Equity Program and Other Investments -103,620 -74,268 -39.5%
UDR/LaSalle -3,994 -2,698 -48.0%
UDR/MetLife -33,607 -33,491 -0.3%
Unconsolidated Joint Ventures and Partnerships -141,221 -110,457 -27.9%
Other Non-Operating Income (Expense) 19,175 -12,336 +255.4%
Show Equity Method Investment Nonconsolidated Investee breakouts
Debt and Preferred Equity Program and Other Investments 3,718 -3,840 +196.8%
Unconsolidated Joint Ventures and Partnerships 3,718 -3,840 +196.8%
Income Before Taxes 404,550 96,756 +318.1%
Income Tax Expense (Benefit) -835 -879 +5.0%
Show Consolidated Entities breakouts
TRS -835 -879 +5.0%
Net Income 403,715 95,877 +321.1%
Show Equity Method Investment Nonconsolidated Investee breakouts
Debt and Preferred Equity Program and Other Investments -13,344 17,233 -177.4%
UDR/LaSalle -9,434 -16,667 +43.4%
UDR/MetLife -2,455 -10,349 +76.3%
Unconsolidated Joint Ventures and Partnerships -25,233 -9,783 -157.9%
Net Income Loss Attributable To Redeemable Noncontrolling Interest -25,965 -6,246 -315.7%
Net Income Loss Attributable To Nonredeemable Noncontrolling Interest -46 -46 0.0%
Show Range breakouts
Maximum -0.1 -0.1 0.0%
Net Income 377,704 89,585 +321.6%
Show Equity Components breakouts
Accumulated Distributions In Excess Of Net Income 377,704 89,585 +321.6%
Dividends Preferred Stock -4,839 -4,835 -0.1%
Net Income Loss Available To Common Stockholders Basic 372,865 84,750 +340.0%
EPS (Basic) 1.13 0.26 +334.6%
EPS (Diluted) 1.13 0.26 +334.6%
Wtd Avg Shares (Basic) 330,322 329,290 +0.3%
Wtd Avg Shares (Diluted) 331,053 330,116 +0.3%
Selling, General & Administrative (FY) — — —
Show Business Segments breakouts
Same Communities [Member] 39,007 35,565 +9.7%
Interest Expense -196,619 -195,712 -0.5%
Comprehensive Income 375,726 88,309 +325.5%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax 715 5,988 -88.1%
Show Derivative Risk breakouts
Interest Rate Contract · Cash Flow Hedging 715 5,988 -88.1%
Net Income Loss Attributable To Noncontrolling Interest -46 -46 0.0%
Gain Loss On Investments (FY) — — —
Show Equity Method Investment Nonconsolidated Investee breakouts
Debt and Preferred Equity Program and Other Investments 70,039 84,835 -17.4%
Unconsolidated Joint Ventures and Partnerships 70,039 84,835 -17.4%
Labor And Related Expense (FY) — — —
Show Business Segments breakouts
Same Communities [Member] 74,099 70,795 +4.7%
Interest Income Operating (FY) — — —
Show Related Party Transactions By Related Party breakouts
Nonrelated Party 19.2 24.2 -20.7%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 1,222 1,326 -7.8%
Show Equity Method Investment Nonconsolidated Investee breakouts
Debt and Preferred Equity Program and Other Investments 39,273 29,716 +32.2%
UDR/LaSalle 10,308 5,688 +81.2%
UDR/MetLife 28,596 12,528 +128.3%
Unconsolidated Joint Ventures and Partnerships 78,177 47,932 +63.1%
Non-Current Assets
Operating Lease Right-of-Use Assets 187,624 186,997 +0.3%
Total Assets 10,605,674 10,897,586 -2.7%
Show Equity Method Investment Nonconsolidated Investee breakouts
Debt and Preferred Equity Program and Other Investments 2,324,927 1,899,636 +22.4%
UDR/LaSalle 782,241 574,496 +36.2%
UDR/MetLife 1,175,890 1,207,997 -2.7%
Unconsolidated Joint Ventures and Partnerships 4,283,058 3,682,129 +16.3%
Intangible Assets 21,648 — —
Show Finite Lived Intangible Assets By Major Class breakouts
Leases Acquired In Place 8,460 — —
Real Estate 13,188 — —
Other Assets
Real Estate Investment Property At Cost 16,415,000 15,994,794 +2.6%
Real Estate Investment Property Accumulated Depreciation -7,374,546 -6,836,920 -7.9%
Show Finite Lived Intangible Assets By Major Class breakouts
Leases Acquired In Place -8.7 — —
Real Estate -8.8 — —
Real Estate Held For Investment Net Excluding Real Estate Under Development Or Held For Disposition 9,040,454 9,157,874 -1.3%
Real Estate Investment Property Net 9,113,339 9,312,337 -2.1%
Show Equity Method Investment Nonconsolidated Investee breakouts
Debt and Preferred Equity Program and Other Investments 1,678,536 1,372,206 +22.3%
UDR/LaSalle 764,229 567,474 +34.7%
UDR/MetLife 1,137,830 1,174,695 -3.1%
Unconsolidated Joint Ventures and Partnerships 3,580,595 3,114,375 +15.0%
Restricted Cash And Cash Equivalents 35,710 34,101 +4.7%
Notes Receivable Net 149,979 247,849 -39.5%
Investments In Affiliates Subsidiaries Associates And Joint Ventures Fair Value Disclosure 886,492 917,483 -3.4%
Show Equity Method Investment Nonconsolidated Investee breakouts
Debt and Preferred Equity Program and Other Investments 489,468 372,478 +31.4%
Unconsolidated Joint Ventures and Partnerships 489,468 372,478 +31.4%
Other Assets 231,308 197,493 +17.1%
Show Equity Method Investment Nonconsolidated Investee breakouts
Debt and Preferred Equity Program and Other Investments 117,650 125,236 -6.1%
UDR/LaSalle 7,704 1,334 +477.5%
UDR/MetLife 9,464 20,774 -54.4%
Unconsolidated Joint Ventures and Partnerships 134,818 147,344 -8.5%
Non-Current Liabilities
Accrual For Taxes Other Than Income Taxes Current And Noncurrent 45,640 46,403 -1.6%
Interest Payable Current And Noncurrent 51,698 52,631 -1.8%
Dividends Payable Current And Noncurrent 151,934 151,720 +0.1%
Accounts Payable And Accrued Liabilities Current And Noncurrent 142,102 115,105 +23.5%
Show Equity Method Investment Nonconsolidated Investee breakouts
Debt and Preferred Equity Program and Other Investments 155,143 133,962 +15.8%
UDR/LaSalle 6,887 5,150 +33.7%
UDR/MetLife 18,431 19,393 -5.0%
Unconsolidated Joint Ventures and Partnerships 180,461 158,505 +13.9%
Total Liabilities 6,456,911 6,436,691 +0.3%
Show Equity Method Investment Nonconsolidated Investee breakouts
Debt and Preferred Equity Program and Other Investments 1,508,829 1,302,888 +15.8%
UDR/LaSalle 304,601 50,396 +504.4%
UDR/MetLife 863,112 865,356 -0.3%
Unconsolidated Joint Ventures and Partnerships 2,676,542 2,218,640 +20.6%
Long-Term Debt 5,821,369 5,826,965 -0.1%
Show Debt Instrument breakouts
1.90% Medium-Term Notes due March 2033 · Fixed Rate Debt 349,131 349,011 0.0%
2.10% Medium Term Note Due August 2032 · Fixed Rate Debt 399,768 399,733 0.0%
2.10% Medium-Term Note due June 2033 · Fixed Rate Debt 299,258 299,158 0.0%
3.00% Medium-Term Notes due August 2031 · Fixed Rate Debt 606,720 607,914 -0.2%
3.10% Medium-Term Notes due November 2034 · Fixed Rate Debt 299,220 299,132 0.0%
3.20% Medium-Term Notes due January 2030 · Fixed Rate Debt 605,548 606,921 -0.2%
3.50 Medium-Term Note due July 2027 · Fixed Rate Debt 299,894 299,824 0.0%
3.50% Medium-Term Notes Due January 2028 · Fixed Rate Debt 299,758 299,639 0.0%
4.40% Medium-Term Notes due January 2029 · Fixed Rate Debt 299,998 299,998 0.0%
5.125% Medium-Term Note due September 2034 · Fixed Rate Debt 297,351 297,046 +0.1%
Show Financial Instrument breakouts
Fixed Rate Debt · Secured Debt 934,223 1,112,369 -16.0%
Variable Rate Debt · Secured Debt 26,957 26,962 -0.0%
Show Long-Term Debt Type breakouts
Secured Debt 961,180 1,139,331 -15.6%
Unsecured Debt 4,860,189 4,687,634 +3.7%
Other Liabilities
Secured Debt 961,180 1,139,331 -15.6%
Unsecured Debt 4,860,189 4,687,634 +3.7%
Operating Lease Liability 182,963 182,275 +0.4%
Show Property Plant And Equipment By Type breakouts
Ground Leases 182,963 — —
Advance Rent 61,205 61,592 -0.6%
Redeemable Noncontrolling Interest Equity Common Carrying Amount 859,966 1,017,355 -15.5%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Estimate Of Fair Value Fair Value Disclosure 859,966 1,017,355 -15.5%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure · Fair Value Measurements Recurring 859,966 1,017,355 -15.5%
Estimate Of Fair Value Fair Value Disclosure · Fair Value Measurements Recurring 859,966 1,017,355 -15.5%
Stockholders' Equity
Preferred Stock Value (Q) — — —
Show Statement Class Of Stock breakouts
Series E Preferred Stock 43,192 43,192 0.0%
Series F Preferred Stock 1 1 0.0%
Common Stock 3,283 3,309 -0.8%
Additional Paid-In Capital 7,480,594 7,572,480 -1.2%
Accumulated Distributions In Excess Of Net Income -4,240,268 -4,179,415 -1.5%
Accumulated Other Comprehensive Income 1,660 3,638 -54.4%
Total Stockholders' Equity 3,288,462 3,443,205 -4.5%
Minority Interest 335 335 0.0%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 3,288,797 3,443,540 -4.5%
Show Equity Components breakouts
Accumulated Distributions In Excess Of Net Income -4,240,268 -4,179,415 -1.5%
Accumulated Other Comprehensive Income 1,660 3,638 -54.4%
Additional Paid In Capital 7,480,594 7,572,480 -1.2%
Common Stock 3,283 3,309 -0.8%
Noncontrolling Interest 335 335 0.0%
Preferred Stock 43,193 43,193 0.0%
Show Equity Method Investment Nonconsolidated Investee breakouts
Debt and Preferred Equity Program and Other Investments 816,098 596,748 +36.8%
UDR/LaSalle 477,640 524,100 -8.9%
UDR/MetLife 312,778 342,641 -8.7%
Unconsolidated Joint Ventures and Partnerships 1,606,516 1,463,489 +9.8%
Total Liabilities & Equity 10,605,674 10,897,586 -2.7%
Development In Process 72,885 — —
Show Property Plant And Equipment By Type breakouts
Building, improvements and furniture, fixtures and equipment 59,417 — —
Land Buildings And Improvements 13,468 — —
Show Real Estate Properties breakouts
Wholly Owned Properties Under Development [Member] 72.9 — —

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation & Amortization 680,035 695,473 -2.2%
Return On Investment In Equity Method Investments 53,918 61,315 -12.1%
Stock-Based Compensation 26,484 32,625 -18.8%
Provision For Loan Losses Expensed -213 37,456 -100.6%
Other Operating Activities Cash Flow Statement 32,509 27,107 +19.9%
Increase Decrease In Operating Assets -8,372 -31,144 +73.1%
Increase Decrease In Operating Liabilities -13,888 -4,759 -191.8%
Net Cash from Operations 902,887 876,848 +3.0%
Deferred Income Taxes (FY) — — —
Show Consolidated Entities breakouts
TRS -315 -627 +49.8%
Investing Activities
Payments To Acquire Buildings -147,171 — —
Proceeds From Sale Of Real Estate Heldforinvestment 373,545 98,650 +278.7%
Payments To Develop Real Estate Assets -43,695 -67,532 +35.3%
Payments For Capital Improvements -252,857 -249,886 -1.2%
Payments To Acquire Furniture And Fixtures -36,084 -21,801 -65.5%
Payments To Acquire Interest In Subsidiaries And Affiliates -83,031 -50,335 -65.0%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 150,303 41,097 +265.7%
Payments For Proceeds From Loans Receivable -112,000 -32,168 -248.2%
Net Cash from Investing -150,990 -276,351 +45.4%
Financing Activities
Repayments Of Secured Debt -178,323 -137,971 -29.2%
Proceeds From Repayments Of Commercial Paper 155,100 -118,175 +231.2%
Proceeds From Repayments Of Lines Of Credit 17,020 4,768 +257.0%
Share Repurchases -117,811 — —
Payments Of Dividends Minority Interest -39,702 -42,798 +7.2%
Payments Of Dividends Preferred Stock And Preference Stock -4,830 -4,851 +0.4%
Payments Of Dividends Common Stock -567,864 -558,482 -1.7%
Proceeds From Payments For Other Financing Activities -13,982 -23,712 +41.0%
Net Cash from Financing -750,392 -599,936 -25.1%
Amortization of Financing Costs (FY) — — —
Show Income Statement Location breakouts
Interest Expense 5 5 0.0%
Supplemental
Interest Paid 190,511 192,101 -0.8%
Proceeds From Lease Payments 12,608 12,502 +0.8%
Income Taxes Paid 1,373 1,044 +31.5%
Notes Receivables Settled In Exchange For Real Estate Owned 180,700 — —
Conversion Of Notes Receivable To Equity Securities Upon Sale Of Borrower Assets To Unaffiliated Third Party 42,807 — —
Unpaid Capital Expenditures 28,924 15,188 +90.4%
Conversion Of Stock Amount Converted1 15,804 73,196 -78.4%
Right Of Use Asset Obtained In Exchange For Operating Lease Liability 4,422 — —
Contribution Of Operating Properties To Unconsolidated Joint Venture 60,355 — —
Other Cash Flow
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 36,932 35,427 +4.2%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect 1,505 561 +168.3%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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